The Communiqué on Principles Regarding the Registration and Sale of Foreign Capital Market Instruments (Serial: III, No: 44) (published in the Official Gazette dated 23 October 2010 and No. 27738) repealed the previous Communiqué (Serial: III, No: 20) as of 23 October 2010. Foreign capital market instruments are not required to be listed on a stock exchange in the country where they were issued in order to be offered to the public in Turkey. It is mandatory for foreign companies to appoint a representative agent in public offers of foreign capital market instruments whose qualifications and obligations are set by the new Communiqué. Foreign issuers are required to prepare their financial reports according to either the same accounting standards set by the CMB for national companies whose shares are traded on the stock exchange or internationally accepted accounting standards. The new Communiqué also includes provisions regarding employee share plans, which had not been specifically regulated by the previous Communiqué.